- President Muhammadu Buhari says his administration was able to pull Nigeria out of recession through monetary and fiscal measures
- The president says his government restored economic growth, curbed inflation and shored up Nigeria's external reserves
- Recall that Nigerian economy slipped into recession in early 2016 and emerged from it in 2017
President Muhammadu Buhari has said that under his leadership, Nigeria was able to emerge from recession through monetary and fiscal measures.
President Buhari, who stated this on Wednesday, July 24, spoke during a presidential dialogue session held at the state banquet hall in Abuja, Premium Times reports.
Legit.ng notes that the president said: “Through various monetary and fiscal measures, we restored economic growth, curbed inflation and shored up our external reserves.
“We have witnessed eight quarters of consistent marginal growth of the economy over the past two and a half years.”
The Nigerian economy slipped into recession in early 2016 and emerged from it in 2017.
Meanwhile, Legit.ng previously President Muhammadu Buhari charged state governors to seek ways to improve their Internally Generated Revenues (IGR).
In the first term of his administration, President Buhari had released series of bailout funds to state governments to meet up with their financial obligations in the face of economic recession.
The president spoke on Thursday, June 20, while inaugurating the new National Economic Council (NEC), with tenure from 2019 to 2023 at the presidential villa, Abuja.
The council is chaired by Vice President Yemi Osinbajo.
While urging the new NEC to press forward with key initiatives, Buhari asked them to specially focus on security, education health and agriculture, adding that attaining progress in the four areas, would ensure a peaceful and prosperous Nigeria.
Buhari said: “Going forward, states must in the next four years find ways to increase internally generated revenues, improve VAT collection and increase agricultural output without disrupting business activities.
“I also want you to work with the federal agencies and the service providers in ensuring that broadband infrastructure is made available all over the country. Information and communication technology is the future of work and we must not allow ourselves to be left behind."
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